Series of key accomplishments made during the first half of 2023

Staff Reporter, Gulf Tdoay

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced a series of significant accomplishments made during the first half of 2023 (H1’23), including significant growth in the number of member companies and an increase in the value of the exports and re-exports of its members.

Dubai Chamber of Commerce’s data indicates that the number of new member companies increased by 43 per cent between January and June this year to reach a total of 30,146, up from 21,098 companies in the first half of 2022. This significant growth underlines Dubai’s attractiveness among both companies and investors, as well as the emirate’s growing reputation as a leading global business destination.

The total value of exports and re-exports of member companies also increased by 7 percent during the first half of 2023 to reach Dhs137.6 billion, up from Dhs 129.4 billion in the same period last year. In addition, the chamber issued 357,000 certificates of origin during H1 2023.

A total of 2,402 ATA Carnets were issued and received for goods and commodities with a value of Dhs 2.5 billion during the six-month period, compared to 2,326 ATA Carnets with a value of Dhs 1.2 billion during H1 2023. This represents a growth in the value of goods and commodities of more than 108 percent, while the number of ATA Carnets issued and received increased by 3.3 percent.

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said, “Our impressive results from the first half of this year confirm the success of our unique business model, which is based on three specialised chambers operating under the umbrella of Dubai Chambers. As Dubai’s engine of economic growth, our strategic priorities are aligned with the goals of the Dubai Economic Agenda, which seeks to further enhance the emirate’s position as a leading global centre for business, trade, and investment.”

Al Ghurair added, “The significant increase in our new members reflects the chamber’s commitment to attracting investments, while the growth in the value of our members’ exports and re-exports underlines the impact of our support for Dubai-based companies seeking to expand into international markets in line with Dubai’s drive to boost the value of non-oil foreign trade to Dhs 2 trillion by 2026. We will continue to focus on building an agile and resilient economy based on diversification and innovation that fulfils the vision of Dubai’s wise leadership.”

Meanwhile, Dubai’s real estate market recorded 670 sales transactions worth Dhs2.03 billion on Monday, in addition to 112 mortgage deals totalling Dhs724.49 million, and 13 gift deals amounting to Dhs94.95 million, data released by Dubai’s Land Department (DLD) showed.

The sales included 599 villas and apartments worth Dhs1.7 billion, and 71 land plots worth Dhs328.06 million.

The mortgages included 94 villas and apartments worth Dhs702.13 million and 18 land plots valued at Dhs22.36 million, bringing the total realty transactions of today to over Dhs2.8 billion.

 Al Ansari Financial Services’, has announced  that it has presented a formal propos to acquire a majority stake in one of the Sultanate of Oman’s prominent exchange companies. The Group has received an initial approval subject to meeting the necessary regulatory conditions. This strategic move is in line with Al Ansari Financial Services Group’s geographic expansion plans to grow market share in the attractive GCC region.

Oman’s booming economy, combined with its enhanced global economic and business partnerships, has led to a surge in the demand for reliable exchange services. Recognising the potential of the Omani market, Al Ansari Financial Services aims to leverage its expertise and experience to provide state-of-the-art financial solutions to the country’s residents and businesses.

Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: “The Omani market is very attractive and one that we believe will support our goal of expanding our footprint in countries with a significant expat population and a resilient economy. We are confident that this expansion will contribute to further broadening our customer base. The planned acquisition of a prominent exchange in Oman will provide us with the opportunity to bring the best of Al Ansari Financial Services to a new and exciting market given our deep expertise and market experience.”

“We are committed to delivering on our strategic roadmap designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets,” Al Ansari added.

The Sultanate of Oman will be the Group’s second expansion in the region following Kuwait.

The Group continues to bolster its presence in the region by opening more branches in the UAE and seeks to further develop a financial service ecosystem, offering clients a more integrated and seamless experience